Which of the following accounts are normally reported as noncurrent liabilities on a classified balance sheet?
A) Notes payable due in 5 years and bonds payable
B) Interest payable and mortgage payable
C) Income taxes payable and salaries payable
D) Capital stock and accounts payable

Question

Quizplus · Accepted Answer

Notes payable due in 5 years and bonds payable are typically long-term or noncurrent liabilities, as they are not due within the next year. Option B includes both current and long-term liabilities, and option C only includes current liabilities. Option D includes equity and a current liability, but no noncurrent liabilities.

Which of the Following Accounts Are Normally Reported as Noncurrent